Applicant Instructions

Please read all of the information listed below

1. Please select a lender from the Housing Finance Authority's Registered Lenders list that you would like to work with and contact them directly. The lender will explain the program and pre-qualify you to determine if you are eligible to participate. As part of the pre-approval process, the lender will review your eligibility for down payment assistance as well. The lender will advise you of the availability of down payment assistance.
   
   
2. The First Time Home Buyer Program required down payment is three percent (3%) of sales price. A minimum of one percent (1%) must come from the applicants own funds and the remaining two percent (2%) may come from other sources such as a gift.
   
   
3. You must attend a Community Home Buyer Workshop. At the appropriate time, your lender will provide you with a list of agencies that provide this service.
   
   
4. Once the lender provides you with written loan approval, you can begin to shop for a home. Eligible properties include single family residences, condominiums, villas and town homes located within Broward County. Mobile homes and cooperatives are not program eligible properties. Applicants cannot own other residential property. A copy of your signed real estate sales contract must be provided to your lender. You are also required to obtain a comprehensive home inspection report.
   
   
5. Your lender will submit your loan package to the Housing Finance and Community Development Division. Your assigned staff member will contact you to schedule an appointment for Income Certification to apply for down payment assistance. It is important that you are available to come to our office in a timely manner to make application for these funds. Be advised, the Income Certification process can take a several weeks to complete.
   
   
6. Down payment assistance funds are available on a first come, first served, first qualified basis. Eligible households are provided with an appropriate amount of funds to make the purchase affordable. The terms of the note and mortgage related to the down payment assistance will be explained to you when you meet with staff to complete your application.
   
   
7. The Housing Finance and Community Development Division's staff will work with you and your lender, realtor, and the seller to coordinate your closing. The County requires a minimum of seven (7) business days to obtain a check from our Accounting Division.
   
   
8. At your closing, you will be required to pay a one percent (1%) origination fee payable to the Housing Finance Authority of Broward County. This fee must be paid from your own funds and cannot be waived.

Disclaimer: The Housing Finance Authority of Broward County is not responsible for the borrower's selection of lender, financing terms, actions or decisions made by lenders. Lenders decisions are final.

Revised: March 2009